Demand and willingness to pay for executive risk management education in the food and agriculture industry

Abstract

Risk management is a concept that has become vital to understand in the business world. A plethora of risks surround professionals every day, including but not limited to, financial risk, safety risk, reputational risk, political risk, and compliance risk. Education on identifying, assessing, and managing risk is critical to both individual, and business success. Risk Management Executive Education is a key solution to increasing industry professionals’ knowledge and understanding of risk management. Though executive education opportunities exist in other facets of business, there is a gap in the market for risk management education for the food and agriculture industry. The Center for Risk Management Education and Research at Kansas State University is in a unique position to fulfill this need. This study utilizes both a survey, sent to professionals in the food and agriculture industry, as well as interviews of professionals in positions of decision making, in regard to sending employees to executive education programming. The goal of the research is to define which components of an executive education program are valued by industry professionals, as well as, what they are willing to pay for the opportunity. Survey and interview results were analyzed and summarized, and a sample program is proposed. Professionals in the food and agriculture industry value most highly, the content of a program and the ability to apply it to their business. They seek opportunities with highly regarded speakers, who have real life experiences to teach from. Networking, meeting new people, and building lasting relationships across the industry is also an important component. The price a participant is willing to pay for a 2 – 3-day executive education opportunity lands somewhere between $1,500 - $2,000. The information gleaned in the pursuit of this research allows CRMER to embark upon creating a Risk Management Executive Education program.