Risk Analysis Assignment On Solylent Food Product (Case Study Sample)

Risk analysis of Solylent Food product
Name
Institution
Introduction
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.
Risks identified
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


ASSOCIATED RISK

IMPACT ON ORGANIZATION




EXTREME

AVERAGE

LOW


VERY HIGH


HIGH RISK

HIGH RISK

MODERATE RIS


HIGH


HIGH RISK

MODERATE RISK

MODERATE RISK


LOW
Product being declared illegal

Total product failure

MODERATE RISK

MODERATE RISK

LOW RISK


VERY LOW
Getting illness after eating soylent

Product recalls

MODEARATE RISK

LOW RISK

LOW RISK

RISK MATRIX EXPLANATION

HIGH RISK

The consequences are extreme, immediate action should be taken to mitigate the risk

MODEARTE RISK

The consequences are great, but not to the extent of crippling the organization. Care should be taken

LOW RISK

The consequences are low; action can be neglected and only taken as precautionary measure.

Summary and inferences from the matrix
In the matrix, the risk in producing the products was presented. Two specific risks were analyzed. The first risk was the likelihood of the product being declared illegal. The second risk was the likelihood of getting illnesses from consuming the products. As the depicted in the matrix, the likely hood of the product being declared illegal is low. On the other hand, the risk of becoming ill after eating the solvent is very low. The explanation for the stated is provided in the press release. Based on the source, preliminary research has shown that the risk of getting illness from consuming Soylent is very low. Research is being conducted only as a precautionary measure. Moreo...