Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Scenario As a Food inspector you have identified a potential business issue where the inventory of raw material for production is very low and may
Scenario As a Food inspector you have identified a potential business issue where the inventory of raw material for production is very low and may not last for one working day. There is a risk that an unplanned roadblock delays the transport of raw material to the production facility, which will throw the production cycle out of gear since the organisation do not have adequate stock of material available. As per the risk management plan, this risk is likely to occur given the region the organisation operates in. The impact is identified as severe, and as per the risk rating matrix of the organisation, the risk rating is calculated as Critical. Therefore, your first course of action is obvious, and you must rectify the issue at the soonest. A sample risk rating register and matrix is shown below: 1. Based on the given scenario to rectify the issue, what actions can be determined for preferred course of action to be the higher inventory solution. Please develop one risk management plan for the issues identified. Risk management plan may include: o Identify and assess at least two risks to decision-making including, at least: Risk probability Risk impact The control measure for
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started