Answer ALL the questions in this section. Question 1 The Australian citrus industry is among the top two agri-food industries producing revenue for the nation. However, this industry has been facing various risks related to both supply chain operations and market conditions over the past decade. The risk factors include rising costs of production due to high labour costs high currency exchange rates stringent food safety standards and supply and demand mismatch. These risks hamper firms performance, which in turn undermines the nations economy. Source: https://www.researchgate.net/scientific-contributions/Claudine-Soosay-2167421581

Suppose you are newly appointed as a manager of one of the citrus farming company in Australia and you want your company to operate in other countries around the world.

Critically discuss the main reasons why managers of citrus farming companies should take more interest in risk management. 20 MARKS