Invariably choices in farm management are neither riskless nor simple. Risk and complexity tend to prevail and the moreso the more important the decision. Moveover, farmers vary both in their attitude to risk and their assessment of non-monetary factors. What best suits one farmer may not suit another.

Some things change, some things stay the same. Technology may have advanced, marketing options may have evolved and margins may be tighter than five decades ago, but the fundamentals of farm management remain. At its core is decision making, choosing a path that provides a farming business with acceptable reward for acceptable effort at an acceptable amount of risk. The word acceptable is important because it requires individuals to define what is acceptable. One farming business may accept lower profits so as to maintain a lifestyle and production system that suits their goals and values, compared to another business that wishes to maximise returns but knowing they are operating at a higher level of risk and may be foregoing other opportunities.

Both positions are equally valid. This booklet is the collation of insights and experiences from the Grain and Graze program. The contents are loosely based on four important concepts that we believe need to be strengthened so farmers and advisors can make good, informed decisions.