Lesson 1.2 Displaying Categorical Data Answer Key

Posted By Admin @ Feb 28, 2022

Tittle: Report on Risk Management Tools for Food Industry

Crystal Creamy

ABC

Dated

Table of Contents

1. Introduction 3

2. Strategy, core business activities, financial performance and corporate view of risk management of Crystal Creamy 4

Intensive growth strategies of Crystal creamy 5

3. PESTEL analysis of Crystal creamy 6

4. Traditional risk management methods 8

5. Enterprise Risk Management methods 9

6. What are the benefits and limitations in using ERM? 9

Benefits of ERM 10

Disadvantages of ERM 12

8. What are the key roles and responsibilities for ERM? 13

8. Risks need to address by Crystal creamy 13

9. Recommendations 14

10. Conclusion 14

References 15

1. Introduction of Risk Management Tools for Food Industry Crystal Creamy

A natural disaster could be faced by the food industry, which is directly interconnected with the factors which could be risky. There is the climate changing risks such as floods, tsunamis, droughts, and the other risk which could be problematic for the food industry to impact on the agriculture activities. As a result, the reduction in the supply of raw material will cause a reduction in the revenue of the people. Natural disasters are causing poverty, which remains the low standard of the life of people. The poor people of society are effects by food insecurity and natural disasters. Until there are no specific purposes for controlling these disasters, there is no chance to achieve stability in the standard life of people. There are no chances to gain improvement without the prevention of risk, which is related to the food industry as they may result in poverty. This research is to be done to gain the development in the food industry and to learn about the food security measures to adopt in the economy (Diabat, Govindan, & Panicker, 2012).

Crystal creamy is a well-known brand of dairy products based in the U.S., which is serving over 100 years with different services in the dairy industry. It was founded in 1901 by George Knox, who was started by a small set up in the street and serving dairy products in the market. After working 20 years under the supervision of George Knox, Crystal creamy was purchased by the Carl Henson, and only butter and cream were the main products of the store. And then the company started to sell bottled milk which was the first step towards the expansion of produ8ct line which has resulted in cheese, sour cream, ice cream, and yogurt, etc. the Hansen family was famous as the leaders of dairy industry as they introduced technology in the dairy product to increase the production and product variety. Crystal creamy continued its services to they are providing its traditions in the country according to the health and safety measures certified by ISO 3001. Crystal creamy faced the issues or risks related to the management of the staff performance.

2. Strategy, core business activities, financial performance and corporate view of risk management of Crystal Creamy

Crystal creamy Company is working according to the Generic strategy, which is based on Porter’s model, and make sure that the company is getting a competitive advantage in the global industry. This model represents a competitive advantage in the market. The generic strategy is applied in the manufacturing of dairy products to gain the benefits of economies of scale, which is one of the basic benefits and strengths of the company. The dairy farm is also dealing with the growth of the work, which is more intensive in the expansion of the business. The intensive growth has multiple benefits that are enjoyed by the company in terms of efforts and according to the requirements of the dairy industry in the targeted market. Crystal creamy using the competitive strategy to get the effective cost of the work done, which is based on porter’s model. They offer the price, which is less than the competitors in the market, which attracts the customer to shift their demand from another brand to Crystal creamy. The basic purpose behind this was to increase the product line to enhance the improvement in the production of the company. When the product line and variety are improved, there are fewer chances to overcome the risk of natural disasters in the industry and provide food security to the industry (C., Koxholt, & Kessler., 1999)