Risk Analysis Assignment On Solylent Food Product (Case Study Sample)
in this task, a food product was selected for a risk based evaluation. a risk analysis matrix was used to evaluate the likely hood of the risk to occur, and the resulting impact of the risk to the organization. based on the evaluation from the matrix, a plan of action to mitigate the risks was conceived.source..
Risk analysis of Solylent Food product
This paper will perform a risk analysis of a food product named Soylent. The FDA (Food and drug administration) is investigating the product, together with the US department of agriculture. The primary concern under investigation is whether the product is safe for human consumption. In that regard, the presence of an adult product called plankton is a cause of worry. First, the paper will look at the risks involved in producing the product. This will be followed by a thorough detailed analysis of the risks using a risk matrix table. Lastly, the lessons learnt from the process and the recommendations will be presented.
The major risks involved in producing the product are first; the likely hood of illnesses resulting from consumption of the food product. Should illnesses occur from consumption of the product, the product will likely be recalled from the market. What is more, production of the product is likely to be halted. Consequently, the risk will have an extreme effect on the organization should it materialize. A second risk is the risk of the product being declared illegal after investigations. This is likely to occur if the investigation by the food and drug administration together with the US department of agriculture faults the product. This risk has an extreme impact on the product since production will have to stop immediately.
Risk analysis matrix
A risk analysis matrix is used to breakdown the process of analysis of specific risks in project management. The matrix has one side representing the likelihood of an event to occur. The other side represents the effect of the event in an organization. A risk matrix of Soylent is presented in the figure that follows.
LIKELYHOOD OF OCCURANCE
IMPACT ON ORGANIZATION