RISK MANAGEMENT IN AGRICULTURE SECTORMohammad Ezwan bin Mohd IsmailUniversity Sultan Zainal AbidinKampus Gong Badak, Kuala TerengganuAbemadbudakjurus@gmail.com

ABSTRACT This study aimed to identify factors that lead toward agricultures risk and look for solution to manage all of risk possible for this sector because its categorized as a high-unexpected level in economic sector. Observations made during my research here can be explain via the statement of agriculture is exposed to risks that are also cannot be expected and outside of people thinking. The possible risk incurs such changes in supplier supply and consumer demand, fluctuations for commodity-price, weather, and disease and damage cause of pests. Farmers can manage and cope to handle this risk and develop it although they cannot predict and control all of the risk. We also review about relationship among attitude of farmers about the risk in this sector whether they perceive risk as risk taker, risk averse and risk neutral. For their operations and production, farmers always make decisions every day. Many factors that involve in decisions they do cannot be expected with complete prediction and accurate. They need to get more professional skills, either in farm business management and basic production. For this, they need to acquire risk management ability and skill, have enough knowledge and understand about farming surrounding besides be skilled for manage risk. In a nutshell, by handling with risk professionally, good and efficiency in production might be acquire to produce more product to get more profitability in this agriculture sector.

Key Words: Agriculture, risk management, insurance, climate, adaptation risk, disaster, marketing risks, production risk.

INTRODUCTIONAgriculture is high risk economic sector and emphasizes the farmer alive and collaborates with threat and makes choices for every day foundation that influence their trade operations and administration. Lots of the factors that contain with the selections made via farmers are not able to be expected with hundred per cent accuracy such as hired labour is probably not to be had at peak time, equipment and apparatus might destroy down when most wanted, drought that cause animals might die, changing in governance policy, costs at the time of harvest might drop and weather always changing. All of these alterations are examples of the risks that farmers face in managing their farm as a trade. All of these risks affect their farm profitability. While farmers have perpetually confronted threat, farming has through the years, accordingly of market liberalization and globalization, come to be increasingly for risk. Significantly, we additionally evaluate relationship among attitude of farmers in regards to the hazard on this sector as dependent variable or solution besides one other is risk in agriculture as independent variable issue that need to handle in this discussion because farmers are different in the way how they perceive risk either they as risk taker, risk averse and risk neutral. Farmers make selections every day that have an impact on farming operations. A number of the explanations that affect the selections they make are not able to be expected with whole accuracy because this is risky. Smallholder farmers have become peculiarly vulnerable. A casual procedure to farming, although it's for loved ones meals consumption, is no longer plausible. Farmers have to gather extra reputable potential, no longer most effective in general creation but in addition in farm industry administration. Among these is danger administration expertise. Skilful farmers and other business persons more commonly do not interrupt to be worried in risky instances unless there's a hazard of earning profits. Greater profit is often linked with bigger risks. These risky but potentially lucrative situations need to be managed as cautiously as possible. Excellent risk administration includes anticipating skills problems and planning to curb their hazardous results.

Quite simply reacting to damaging pursuits after they occur isn't good risk management. As a way to be successful, farmers must generate extra profit and become competitive. They have got to have an excellent working out of the farming environment and be expert at managing threat and risk. With the aid of dealing with risk conveniently, higher farming opportunities might aid farmers improve their risk management skills. They may be able to help farmers admire and recognize their problems and support them in making better farm management choices. Decision-making is the foremost principal of management. All selections have results or consequences. Nevertheless, in most circumstances the outcome of a determination can't be expected. The extra for risk, most complicated it becomes for farmers to make an informed decision. For potential decisions to be taken, farmers want information on many features of the farming sector. Farmers have got to find methods of coping with chance and protecting themselves from the risk for the future. Farmers vary in the degree to which they accept hazard. Some farmers are inclined to accept extra risk than others. Attitudes to danger are mainly regarding the economic capability of the farmer to receive a small profit or loss. Farmers attitudes could also be categorized as: risk-averse who try to prevent taking risks, risk-takers those who find themselves open to more riskier trade choices, risk neutral and farmers who lay between the risk-averse and hazard-taking function. Understanding for determination make a good chance management selections rely on correct expertise which requires reliable knowledge. Excellent information can help a farmer make rational chance management decisions. The sources of expertise to be had comprise farm files, off-farm statistics, and expertise from input dealers, traders, extension staff and other farmers and market price data.

3.1 Literature review

As quote by means of Boehlje and Eidman 1994 These risks and uncertainties are conventionally classified into the administration areas of production, advertising marketing and finance. Considering each determination has its consequences someday, we are able to seldom be obviously definite what these consequences can be. Hence risk will not be something to be afraid. It's quite often said that, in industry, revenue is the reward for bearing risk: no risk no achievement. The assignment alternatively is to manage hazard effectively, within the capacity of the individual, industry or group to withstand adversarial effects (Hardaker et al., 2004). Farmers across the world, have at all times understood the existence of danger and have adjusted to it of their possess methods in running their farms. They make choices in a risky environment every day. The consequences of their selections are most commonly no longer identified when the choices are made (Kaan, 2001). Agriculture is commonly applied in the open air, and invariably entails the management of inherently variable living plants and animals; it's above all exposed toward risk (Hardaker et al.2004). One of the crucial risk and uncertainty component are price changes, lack of rainfall, and lack of labour at required time, machinery spoil downs in sudden occasions and changes in government policy and different equivalent causes. These reasons are the most important cause of earnings fluctuations in agriculture. In view that of risk and uncertainty components, big fluctuations in yields and costs have took place and this trouble leads to essential earnings differences from one year to another. The danger and uncertainty stipulations are reflected in costs of items bought by way of farmers, and quantities of production (Akcaoz and Ozkan, 2005).

3.2 Attitude of farmers toward risk

Risk in agriculture Farmers Attitude toward risk

Independent DependentFigure 1

Figure 1 above shows the "risk" which refers to independent variable and "attitude" refers to dependent variable. Risk is generally described as "uncertainty that affects an individual's welfare, and is often associated with adversity and loss. Risk and uncertainty are inescapable in all walks of life. Attitudes of farmers towards risk are differing within the measure to which they accept risk. Some farmers are inclined to accept more risk than others. Attitudes to danger are typically regarding the economic capability of the farmer to receive a small achieve or loss. Farmers could also be divided into three varieties: risk-neutral, risk-takers and risk-averse. The risk-averse farmers attempt to restrict taking risks. They tend to be extra cautious members with preferences for much less dicey sources of earnings. Generally, they will sacrifice some amount of revenue to lessen the danger of low income and losses. A risk-averse does no longer refuse to accept any hazard at all. Nevertheless, the risk averse farmer would seek to be compensated for the danger taken with the aid of receiving a larger return than would typically be acquired if there have been no risk. Risk-takers are people who are open to extra risk choices. Unlike the risk-averse, risk takers option for the alternative that gives some hazard of a bigger effect, although they'll have to receive lower outcome. When faced with the choice, risk-taking farmers are inclined to decide on to take the hazard to make good points alternatively than protecting themselves from capabilities losses.

However, risk-taking farmers are nonetheless influenced with the aid of the return they would receive. Risk-neutral lies between risk averse and risk-takers positions. It's meaningful for the farmers and people who provide aid offerings to understand their attitudes towards risk. In this approach, they're more mindful of the incentive at the back of the risk management decisions made. Whilst most farmers are usually risk averse; perspective regarding risk is not constant. Many motives have an effect on it. Thus in a single problem a farmer could also be threat averse, and in one more concern the same farmer may be a risk-taker. The following are one of the vital causes that will have an impact on a farmers perspective towards risk. Farmers who function underneath subsistence stipulations tend to be probably the most risk-averse. The availability of meals for his or her dependents is an overriding priority for a lot of them. Activities with a monetary reward are normally sacrificed in want of meeting the objective of manufacturing their own food. Market-oriented farmers who aren't willing or competent to resist the feasible fiscal losses associated with a hazard additionally tend to be extra risk-averse. That is customarily authentic for smallholder farmers. In influence the relationship between the input costs and the value of output from the farm influences the farmers perspective toward risk. Family commitments and duties can also play a position in attitudes towards risk. An individual without household commitments is also more willing to take risk. Similarly, older individuals are more likely to take fewer risks. Past knowledge and experiences may also have an effect on a farmers decision. The results of exceptionally just right or bad years up to now influence choices to be made today. Once more, this can be involving age; a younger man or woman would possibly not yet have had. Risk management approaches can be classified as production, marketing, monetary, human and institutional. Farmers choose and combine procedures founded on their ambitions, attitudes in the direction of risk, their individual and monetary situations.

Every character of farmer are desires to seek out their possess methods of dealing with threat. Farmers responses to risk are as diverse as the dangers that affect their farms. One needs to recollect that something method is chosen, it will come at a price. The price could be an instantaneous cost equivalent to make insurance payments, or an indirect fee comparable to give a potential gain, or more time spent managing the farm. A good farmer will attempt to find a steadiness between managing risk and making profits.

3.3 Types of risk in agriculture sectors

The farm advisers and farmers are people who need to concern themselves with risk in agriculture sector. There is risk outcome face by farmers such as financial risk, production and technical risk, Human and personal risk, marketing risk for prices and costs. To begin with, about production and technical risk which crop and cattle efficiency depend on organic procedures which are affected by the climate, and via pests and ailments. Low rainfall or drought could result in low yields. Hail or heavy rains would damage or even wipe out vegetation. Outbreaks of pests or diseases might also cause major yield losses in plants and farm animals. When farmers plant seeds and fertilize their land they do not know for certain how much rain will fall, or whether or not there can be a hail storm. They have no idea if there shall be a situation with pests or illnesses. However still they ought to decide whether they'll plant their plants or carry their livestock. The assets they spend to plough, fertilize and plant their crops or to care for their livestock will not be recovered. That is why there's threat. Farmers produce without whole simple task about what will occur to their production. The other sources of production are equipment. A farmers tractor may just ruin down in the course of the construction season resulting in incapacity to harvest in time, thus affecting yields and production.

Secondly is marketing risk for prices and costs. Alterations in prices are beyond the control of individual farmer. The cost of farm products is affected by the provide and demand for the product besides the cost of production itself. Supply of a product is littered with a mixture of creation choices made by farmers as a bunch and by the climate and other factors that have an impact on yields. Demand for a product is plagued by purchaser choice, purchasers income level, the strength of economy, and price of rival's products. Price of creation of a unit of product depends on both yield and input costs. This makes it extremely variable. Even though input charges tend to be less variable than output costs, when mixed with yield variation the prices of creation becomes a serious source of risk. Many times price actions follow seasonal or cyclical tendencies that can be predicted. However, supply or demand will exchange impulsively and have an impact on the market price. When farmers plant crops or commit resources to raising livestock, they do not know for exact what prices they will obtain for his or her products. In occasions of lack rainfall, the production of crops is usually low; consequently prices become rise than later.

Thirdly is financial risk take place when cash is borrowed to finance the farm trade. This risk caused by way of uncertainty about future interest charges for borrowed money, a debtor willingness and capacity to provide cash when needed for certain period, and the ability of the farmer to provide the revenue for settle the loan. Small farmers who borrow money at excessive interest premiums will have exact hardly to make debt repayments. Decrease than expected costs, combined with low yields, can make debt repayment complex and even lead to the sale of the farm.

Fourth, is institutional risk which refers to unpredictable alterations within the provision of offerings from institutions that aid farm operation? Such institution can also be each formal and casual and include dealers and government extension offerings, banks, advertising firms, cooperatives. A part of institutional risk is the uncertainty of presidency coverage affecting farming, such as subsidies and price support. The dangers face by farmer commonly as outcomes for decisions taken by using policy-makers and managers. Subsidies, food quality regulations for export plants, the extent of price or sales help repayments and law for animal waste disposal are examples of choices taken through executive that may have a fundamental effect on the farm business. Last but not least is human and individual risk which refers back to the risks to the farm trade triggered through ailment or loss of life and the personal drawback of the farm family. Accidents, sickness and demise can disrupt farm performance. In many nations labor migration away from rural areas is a long-established occurrence. Migration can purpose labor shortages for the farm. Political and social unrest may restrict labor availability. The spread of HIV/AIDS has had a major have an impact on labor availability and productivity in some areas. When farmers plant their crop or commit assets to raise livestock they cannot be specific whether they are going to have sufficient labor to control the farm businesses. Interrelation of risks institutional and human risks, marketing, production, financial, exist on most farms. They are on the whole interrelated. The capacity to repay debts depends on levels of output production and the prices acquired for product sold. Financing of output rely on the ability to borrow capital and the capability of the lender to provide capital in time. The distinct types of risk often must be viewed collectively.

3.4 Risk Management in agriculture sectors One technique to cut back production risk is to prefer a farm organization that has a low risk. Farm households have developed more than a few mechanisms for coping and handle risk. These kinds of mechanisms are present short-term protection. Food crop farmers within the study field managed danger via implementing practices that will cut back their exposure to risk. More than a few threat management practices were recognized with the farmers; and additional investigation used to be executed to discover those adopted through the farmers. These coping responses were grouped as human risk, marketing and production and associated coping systems. These systems usually act to scale down variability of cultivation in food crop farming sector. Production risk management methods was once identified with the farmers as right, all of the farmers survey do not buy crop insurance plan as a shock absorbing mechanism to handle production danger. The farmers defined that they didn't recognize of any insurance package deal from any supply, which they might patronized to support them in trouble of bad uncertain incidence similar to opposed drastic low fee hicks, pest infestation, climate results, excessive incidence of sickness and theft.

Risk Management Decision-making is the fundamental exercise of management. Early within the cropping season farmers have got to make decisions about what crops to plant, and what seeding quality and fertilizer levels to use. The revenue and prices got might not be known with walk in the park for several months, and even a few years in the case of perennial vegetation and livestock. In only some cases are farmers specified of the final result of their decisions. This normally occurs when the resolution is convenient and there is handiest a single outcome. For example, if farmers decide to take brief-term loans, they understand what is going to occur and banks will cost them curiosity at a special price. On this case, farmers be aware of precisely the consequences of their decisions. In most instances, nevertheless, the final result of a decision can't be expected, as there may be more than a single feasible end result. Farmers normally find that their decisions end up lower than best due the changes that take situation between the time the choice is made and the time the outcome of that resolution is finalized. It usually is that the results themselves depend on the decisions of others and on future movements that lie beyond the control of the farmer.

For manage marketing risk strategies, farmers should not use contract earnings and hedging to control advertising risk. These farmers do not even recognize how contract earnings and hedging work. Maybe, integral organizations and individuals to deal with available trained subject. Application of contract sale and hedging would help avoid incurring debt for the duration of fiscal obstacle and also preclude perishability of produce problems. Sale's contract issue when producer and client or intermediaries enter into agreement to provide after the producer has permitted monetary assistance from his companions (Collins, 2006). Hedging remedy the main issue of ready market and perishability of produce because producer domesticate in line with necessities of the client or intermediaries demand after going into a contract (Mann and Dickinson, 2001). Most of food crop farmers don't acquire up to date about prices of produce and inputs before going into production. This might lead to low give of farm produce at excessive prices in low yield and or extra give at low costs in high yield which in flip, affect Market Corporation and also threaten net revenue (Jodha, 1981).

Human risk administration systems exhibit that farmers use health coverage as a management method to take care of human risk. Farmers explained that they most commonly have low monetary capital and thus, further investment into health insurance (top class fee) would cut down their capital funding in production which might influence their produce and gross margins. Again, few of the farmers used first aid to manipulate hazard of ill health. It was once noticed that lots of the farmers first support provided best agony killers, and had nothing like gentian violet, bandages, methylated spirits and which are the fundamental solutions for attending to wounds, , bruises, burns and cuts that could happened on the farm. It is hoped that a good-resourced first aid would aid the reduction of labour absenteeism when accidents came about, and therefore chance to labour provide due to labour confidence in the care of their welfare. Most farmers supplied incentives within the form of cultivated produce to labourers. Farmers believed that this would inspire their labourers to work effectually to develop output and likewise to curb theft. Majority of farmers scheduled between 1-2 hour interval break their employees to relaxation; and additional had been given on or two day-off to decrease labour workload and make them refreshed and extra lively during working days to develop labour effectively work. However, only little above one-third of the farmers either attends training them-selves or sends their farm assistants for training every time when its necessary.

CONCLUSIONSFarmers have got to find ways of coping with chance and protecting themselves from selections taken in these days without understanding what may happen the following day. Risk management techniques are used to lessen the hazard of a dangerous final result happening. Farmers who try to manipulate chance must follow another sequence of steps. They have to determine the possible sources of threat; comprehend the feasible effects; decide upon substitute procedures available; determine the consequences of each and every viable outcome; and overview the exchange-offs between the cost of the hazard and the features that can be made. Risk reducing tactics are traditionally utilized in combination with one another, seeing that no single approach can cover all the risk likely to be encountered. Farmers ought to consider the risks at the same time and to enhance a built-in process for better administration. They ought to respect the advantages and disadvantages of each risk management alternative both in combination and individually. Individual farmers will have to decide upon a right process toward their objectives, attitudes towards risk and their personal and financial situations equivalent to identifying low-risk activities. After you have an excellent working out of the challenge of your farmers, their farm and their households, you are good positioned to help farmers to appear at risk problems. Relying on the style of support you might be providing them. The experienced farmer and the extension employee are in responding and assessing toward risks in agriculture sector, the better they will make reasonable danger administration decisions. It is important that they both appreciate that even with a lot of experience, the danger administration systems chosen are not any warranty that the farmer will likely be absolutely protected from danger.

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