In the Northern Great Plains region, crop and livestock producers view forage crop production as an important component of their farm management system. During periods of increased drought risk, alternative annual forage crops may provide producers with a risk reducing alternative to traditional forage crops. An alternative forage crop production study (20 varieties) was conducted by South Dakota State University over a three year period (2008-2010). Three management decision criteria options were used to evaluate the economic value and economic risk associated with the production of spring and summer annual forage crops (Expected Value, Max-Min, and Minimum Coefficient of Variation). Empirical findings suggest that producer risk management goals and how the alternative forage crop will be used (grazing versus cash crop) should play a role in crop variety selection. We recommend planting both spring and summer varieties to provide diversification during periods of increased drought risk.