Aquaculture America 2023

February 23 - 26, 2023

New Orleans, Louisiana USA

AN ONLINE TOOL FOR BUSINESS ECONOMIC MODELING; TRANSLATING THE TECHNICAL TO UNDERSTANDABLE FOR INDUSTRY

Matt Parker*

 

University of Maryland Extension

Prince George’s County Office

6707 Groveton Dr

Clinton MD 20735

 



Often aquaculture economic research data does not easily translate to real world business planning.  Providing tools that integrate advanced economic farm modeling with easily understandable interface and outputs is essential for advancing the US aquaculture industry.  This presentation presents the University of Maryland Online Economic Spreadsheet Tool for Oyster Aquaculture (Figure 1) which was developed to address stakeholder needs.  The tool uses Monte Carlo simulation, based on user inputs, to estimate the risk involved with starting a shellfish aquaculture enterprise.  Outputs can be used to make more informed business decisions and apply for start-up or expansion financing.