All the indicators of variability (coefficients of variation and correlations) in Part I are calculated across time for individual farms, the average across the sample farms is reported in the tables and figures. This analysis of observed variability is subjected to the usual caveat that some farmers’ decisions and strategies are already embedded in the observed values of some variables (such as yield or costs). For many farmers, production (or rather yield since our focus is on crop farms) and price are the two variables that reflect the main sources of risk.