Multidisciplinary Project: Risk Management in Food Business

This project focuses on risk management within the context of a new food business venture in Singapore. The assignment identifies and analyzes several key risks, including the potential for limited market acceptance of a new healthy food product among the local population, particularly the younger generation. It also addresses the high level of competition within the food industry, where established companies are constantly innovating. Furthermore, the project considers the challenges associated with sourcing ingredients, specifically the limitations of local vegetable production in Singapore, and the potential impact on profitability and supply chain management. The project uses references to support the analysis of the risks associated with the business. The project is aimed at providing a comprehensive risk assessment of the business.

Running Head: MULTIDISCIPLINARY PROJECT
Multidisciplinary Project
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1MULTIDISCIPLINARY PROJECT
Project Risk Management
There are several risks associated with the proposed business that may have significant
negative impact on the proposed benefits of the company’s services. Some of the major risks
associated are discussed as follows.
The first major risk with the creation and sale of the new healthy and tasty vegetable food
is that most of the people in Singapore especially the young generation may not accept the item
even if they are healthy and good nutrition value (Waters et al., 2018). Most of the popular food
items in the country are non-veg that are liked by the citizens and tourists alike. Hence, the
market for the new product is significantly uncertain and even if the initial sales are up to the
standards, the market may start to fall after a certain period of time (Wang et al., 2017).
Another major risk in this regard is the high competition in the market. There are several
large and growing companies in the country sell various food products and they are conducting
regular research to develop new food products with high quality and good nutrition value (Goh,
Lee & Lai, 2018). Hence, the company may face high competition in the market even if the
product is successful and popular among the people.
Another risk is related to the proposed policy of the company to grow their own
vegetables instead of buying or importing them from other countries. This is mainly due to the
fact that Singapore has very limited agriculture space and even if the company manages to find a
land for vegetable cultivation, the resultant amount of food product from such amount of
vegetables will not be sufficient to fill the retail stores or online store inventory (MacRae et al.,

2MULTIDISCIPLINARY PROJECT
2016). In other words, the production will not be sufficient for generating sufficient amount of
profit for the particular product.
References
Goh, Z. Y., Lee, P. Y., & Lai, Y. F. (2018). Patterns of fruit and vegetable intake and physical
activity among community-ambulant patients in Singapore: A cross-sectional
study. Proceedings of Singapore Healthcare, 2010105818769682.
MacRae, R., Gallant, E., Patel, S., Michalak, M., Bunch, M., & Schaffner, S. (2016). Could
Toronto provide 10% of its fresh vegetable requirements from within its own boundaries?
Matching consumption requirements with growing spaces. Journal of Agriculture, Food
Systems, and Community Development, 1(2), 105-127.
Wang, Z., Koh, W. P., Jin, A., Wang, R., & Yuan, J. M. (2017). Composite protective lifestyle
factors and risk of developing gastric adenocarcinoma: the Singapore Chinese Health
Study. British journal of cancer, 116(5), 679.
Waters, C. N., Zoellner, J. M., Estabrooks, P. A., & Hill, J. L. (2018). Is the availability of
healthy foods related to fruit and vegetable consumption in a rural, health-disparate
region?. Journal of Hunger & Environmental Nutrition, 1-15.