Question:
Write an essay on quantitative analysis.
This particular study is aimed to build a quantitative analysis in order to do a proper risk assessment for the risks involved in the food chain of the organization. The quantitative analysis can be done in both ways such as using primary research and using secondary research method (Pierce & Sawyer, 2013). However, this study has chosen the secondary data collection technique for conducting the quantitative analysis. Thus, for conducting this particular quantitative analysis, researcher has considered the secondary research method in order to do a quantitative analysis for the risk assessment. In order to portray the entire quantitative analysis, researcher four major operations in the food chain of “The Food Company” (DeFusco, McLeavey, Pinto, Runkle & Anson, 2015). These operations are the raw material equipments, food preparation, packaging as well as food delivery. Therefore, researcher has made four themes depending on the operations in the food chain of the organization. The major feature of the themes in this secondary quantitative analysis of this study is to collect and identify the risks associated individually in the four operations of the food chain of “The Food Company”. On the other hand, as per the identification of the risks, the assessment of the risks as well as the possible way of resolving the risks are aimed to be discussed in the theme of this quantitative analysis. As a whole, the researcher has simply utilized the crucial findings of the risk assessment of “The Food Company” based on the collation of information through several secondary resources linked with the study such as some journals, articles as well as books.
Theme 1 – the risks associated with the raw material equipment of “The Food Company”
H1 – the risks involved with the raw materials are crucial for the organization as well as its customers
There are several risks associated with the food raw materials those can be very critical for the business of this organization as well as can become harmful to the people who are availing the food service of this organization (Grant, 2016). The raw materials are the major equipment for producing a product especially for the food product. This is because, the health issues are always strongly correlated with the quality of food served by an organization. Therefore, if the raw materials utilized as the ingredients of the food prepared by the company are of poor quality, then a question can be raised regarding the safety of the customers. The use of the green food materials has been minimized which is not at all a fact that goes with the health consciousness of people. The bad qualities of the meats for the non vegetarian items are often noticed as one of the significant risks in terms of the raw materials of food. Hazards are often observed in the meats which are going to be used for the preparation of a non-vegetarian item.
H0 – the risks involved with the raw materials are not crucial for the organization as well as its customers
As per the risks are concerned, therefore, it must be said that the food chain of this organization is not free from risk. It has often been seen that the raw materials of the food are not always free from risk. Thus it can be said that this alternative hypothesis is not valid for this discussion.
The raw material equipments of the products of “The Food Company” are simply the food materials. People always have a crucial concern regarding the quality of the food that they are going to have during lunch, dinner and breakfast (Liu, Song, Tang, Li, Xu, Wu, & Brookes, 2013). The Food Company supplies mainly the quality condiments to the fast food service. On the other hand, the safety of the children can be the most important concern while such risks are occurred in the raw materials of the food. This is because; it has been observed that due to the worse quality food, the health of the children is affected effectively (Hua, Dalbor, Lee, & Guchait, 2016). Hence, the organization should be very careful regarding the quality of the raw material ingredients before utilizing the materials in order to prepare the food menus. The Food Company should be concerned in order to use the fresh and quality ingredients or raw materials in order to make a good food for the customers. The Food Company should also increase the use of the green products for the preparation of the food items. On the other hand, the company should also pay attention to the minimization of the hazards in the meat for the preparation of the non-vegetarian food items (Hassija, Kumar, Velusamy, & Balasubramaniyan, 2016). If the prepared is free of such safety risks therefore, it would help the organization to gain an increased sale and revenue.
Theme 2 – risks associated with the food preparation and Process of mitigating the risks with the help of food production
H1 – the risks involved with the food preparation are crucial for the organization, its customers and its staffs as well
The major risks associated with the food preparation are the way of preparing food for the customers. It has been often noticed that some of the chefs in the restaurants or in the fast food chain do not maintain cleanliness while preparing certain food for the customers. This is because, the chefs have to prepare so many food items in a day and sometimes they get distracted to maintain all of the required things to maintain the good quality of the food items. Therefore, a safety risk remains in such situation. On the other hand, the safety of the cooks or the chefs can be a question in terms of the risks in the food preparation for the company. Food service as well as the kitchen staffs can suffer from the injuries like the bruising or strains from managing bulky or the heavy products or the objects (Wright, 2016). Hence, it must be said that several accidents in the kitchen are caused due to the wrongs systems in the organization.
H0 – the risks involved with the food preparation are not crucial for the organization, its customers and its staffs as well
As per the risks are concerned, therefore, it must be said that the food chain of this organization is not free from risk. It has often been seen that the food preparation is not always free from risk. Thus it can be said that this alternative hypothesis is not valid for this discussion.
Food preparation is directly linked with the health concern of people or the customers. The reputation of the company can also be hampered due to such crucial issues. The Food Company, therefore, has to be very careful for the customers as well as the well-being of the staffs of this organization. In order to maintain the safety of the customers or to provide a good quality food, good training programs must be given to the kitchen staffs in order to make them aware of the safety issues for the customers. On the other hand, the organization “The food Company” should implement a proper system through which the number of accidents occurred with the staffs can be minimized. They should increase the awareness of the safety of the staffs by providing several detailed safety precautions (Harder, Peters, Molander, Ashbolt, & Svanström, 2016). the staffs of the organization must be trained for checking as well as monitoring equipments before utilizing and for reporting any damaged equipment and cable, discoloured sockets or defective plugs.
Theme 3 – risks involved in the packaging and the way of mitigating such risks
H1 – the risks involved with the packaging are crucial for the organization, its customers and its staffs as well
The company has not been successful to maintain all of the environmental necessities while packaging food. Most often, it has been noticed that the packaging of food has the presence of several harmful chemicals such as the polyethylene, per-fluorinated compounds, vinyl chloride and many other chemicals in the food samples. These kinds of chemicals are not eco-friendly at all and these products cannot be recycled after the decomposition. It was detected and monitored at very low levels in the sample’s small proportion analyzed. Therefore, “The Food Company” can utilize this particular product for making the packaging of food. On the other hand, this organization should also follow properly the rules and regulations of food packaging implemented by the Australian government. The organization should also remember the fact that the rules and regulations must be very strict for the employees and the organization itself in terms of implementing contamination free packaging of the food.
H0 – the risks involved with the packaging are not crucial for the organization, its customers and its staffs as well
As per the risks are concerned, therefore, it must be said that the food chain of this organization is not free from risk. It has often been seen that the packaging is not always free from risk. Thus it can be said that this alternative hypothesis is not valid for this discussion.
The packaging of the food generally prevents contamination or pollution, permits food to be easily transported easily as well as it also extends the shelf life. The packaging provides also a surface for the identification as well as the labelling of the products. The proper packaging materials requires for ensuring that the food that has been packaged is not at all contaminated or polluted from the substances that can migrate from the food packaging. human lives get endangered due to such contamination caused by the rapid usage of such packaging systems comprised of harmful chemical products due to the excessive use of chemicals in packaging. The one and only way of resolving this problem is that the avoidance of the utilization of such chemical products while packaging the food for customers (Chen, Ribeiro & Chen, 2016). On the other hand, it can only be done by using products those can easily be decomposed and can also be recycled. For an instance, an effective example of food packaging product can be taken into consideration as ESBO. It is manufactured from the oil of soybean as well as utilized in a range of plastics for giving the airtight mechanical properties as well as plastic safe properties for generating a good seal between the food container as well as its lid.
Theme 4 – Risks associated with the food delivery and the significance of those risks
H1 – the risks involved with the food delivery are crucial for the organization, its customers and its staffs as well
This food delivery system can also have few crucial risks that can affect the company reputation as well as can be harmful to customers of “The Food Company” who want to avail the product and the food service of this organization (Pickard, 2012). The major risk in this scenario is the delivery of the wrong food product to the customers who have made order for certain food. It can often be happened that the customers are sometimes delivered wrong food which is different from the actual order made by that particular customer. Generally, this kind of problem is encountered due to presence of bulk of orders for food. In spite of the adaptation of the advanced technologies, often this organization becomes confused while delivering products to two customers. Exchange of products between that two people can often be taken place (Bryman & Bell, 2015). On the other hand, another important risk is there in the food delivery system of “The Food Company” is that the security risk of the customers while placing an order for food via online.
H0 – the risks involved with the packaging are crucial for the organization, its customers and its staffs as well
As per the risks are concerned, therefore, it must be said that the food chain of this organization is not free from risk. It has often been seen that the food delivery is not always free from risk. Thus it can be said that this alternative hypothesis is not valid for this discussion.
Food delivery is one of the most crucial operations of “The Food Company”. The process of food delivery actually deals with the process of reaching to the customers who have ordered for the specific food (Germann & Caldwell, 2016). Thus, this company has to maintain an excellent food delivery system in order to supply food to the customers. However, the adaptation of the advanced technology in receiving and delivering order to the customers has taken a significant role in terms of mitigating this particular risk. The organization must be very careful to provide huge security commitment while taking orders and delivering products with respect to the orders via online.
This entire discussion has implemented on the basis of the quantitative analysis of the risks involved in the food chain of “The Food Company”. This discussion or the quantitative analysis has mainly done the risk assessment for the organization in terms of which the parameters can be set or determined to resolve the risks to provide an excellent service to the customers. After the whole discussion made in the form of four themes, it can be seen that the four chains of operations have several faults due to which risks are generated. Most importantly, the shortfalls in the four chains of operation in the organization mainly generate the risks associated with the safety as well as security of the customers of the company. Therefore, due to this particular risk, the business reputation of the organization would be hampered the most and it would also result in a huge lose in their business. this particular secondary quantitative research has identified all the possible risks in the individual op3erations like, raw material equipments, food preparation, food delivery as well as packaging. Not only the identification of the risks but the risk assessment with the analysis the way if mitigating the risks have also been discussed in this discussion very properly.
Reference List
Bryman, A., & Bell, E. (2015). Business research methods. Oxford University Press, USA.
Chen, N., Ribeiro, B., & Chen, A. (2016). Financial credit risk assessment: a recent review. Artificial Intelligence Review, 45(1), 1-23.
DeFusco, R. A., McLeavey, D. W., Pinto, J., Runkle, D. E., & Anson, M. J. (2015). Quantitative investment analysis. John Wiley & Sons.
Germann, P., & Caldwell, R. (2016). Preclinical Safety and Risk Assessment. Value Creation in the Pharmaceutical Industry: The Critical Path to Innovation, 8, 2.
Grant, D. (2016). Business analysis techniques in business reengineering.Business Process Management Journal, 22(1).
Harder, R., Peters, G. M., Molander, S., Ashbolt, N. J., & Svanström, M. (2016). Including pathogen risk in life cycle assessment: the effect of modelling choices in the context of sewage sludge management. The International Journal of Life Cycle Assessment, 21(1), 60-69.
Hassija, V., Kumar, C. S., Velusamy, K., & Balasubramaniyan, V. (2016). A Comparative Risk Assessment for Sites with Single and Double Units. InCurrent Trends in Reliability, Availability, Maintainability and Safety (pp. 459-470). Springer International Publishing.
Hua, N., Dalbor, M., Lee, S., & Guchait, P. (2016). An empirical framework to predict idiosyncratic risk in a time of crisis: evidence from the restaurant industry. International Journal of Contemporary Hospitality Management,28(1).
Liu, X., Song, Q., Tang, Y., Li, W., Xu, J., Wu, J., … & Brookes, P. C. (2013). Human health risk assessment of heavy metals in soil–vegetable system: a multi-medium analysis. Science of the Total Environment, 463, 530-540.
Pickard, A. (2012). Research methods in information. Facet publishing.
Pierce, W. C., & Sawyer, D. T. (2013). Quantitative analysis.
Wright, W. F. (2016). Client business models, process business risks and the risk of material misstatement of revenue. Accounting, Organizations and Society, 48, 43-55.
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