To survive in today's competitive environment, companies must continuously develop and offer customers new products. To increase the probability of a successful business case of investing in the development of a new product, careful attention must be paid to risk analysis in terms of the present value of future potential income. The article considers an example of the research work of the Latvia University of Life Sciences and Technologies, in the framework of which a technical and technological project was developed to produce a new product, like Mediterranean anchovy, from cheaper Baltic sprats. The main goal of this work is to explore the application multi-factor sensitivity and fuzzy real option analysis to the valuation of new product development project. The multivariate analysis of the sensitivity of the financial model of the greenfield production project described in this article revealed the main risk groups, as well as their degree of influence on the assessment of the Net Present Value of the project by a potential investor. The use of Fuzzy Real Option Valuation made it possible to evaluate the project with uncertain parameters, as well as to calculate the potential upside from preliminary refinement of parameters to eliminate negative scenarios. The described approach is applicable to risk assessment of new food product development and allows investors to make a more informed decision about participation in such projects.

To survive in today's competitive environment, companies must continuously develop and offer customers new products. To increase the probability of a successful business case of investing in the development of a new product, careful attention must be paid to risk analysis in terms of the present value of future potential income. The article considers an example of the research work of the Latvia University of Life Sciences and Technologies, in the framework of which a technical and technological project was developed to produce a new product, like Mediterranean anchovy, from cheaper Baltic sprats. The main goal of this work is to explore the application multi-factor sensitivity and fuzzy real option analysis to the valuation of new product development project. The multivariate analysis of the sensitivity of the financial model of the greenfield production project described in this article revealed the main risk groups, as well as their degree of influence on the assessment of the Net Present Value of the project by a potential investor. The use of Fuzzy Real Option Valuation made it possible to evaluate the project with uncertain parameters, as well as to calculate the potential upside from preliminary refinement of parameters to eliminate negative scenarios. The described approach is applicable to risk assessment of new food product development and allows investors to make a more informed decision about participation in such projects.

In the market of the Latvia different wood surface coating materials suitable for use in outdoor conditions are offered, but available information on the efficiency of these against direct water exposure is insufficient. For structural timber building elements, such as glued laminated timber (GLT), the surface coating should be applied taking into account technological, visual or colour changes (ISO 7724:1984) and – last, but not least – economic aspects are considered. Wood surfaces coated with coating materials, such as varnishes, paints, etc. can stabilize some properties such as movement of moisture content, dimensional changes and attack by microorganisms and fungi. The changes in the moisture content of timber may influence such important parameters as mechanical properties and the total life time of the structural timber elements. A study has been conducted with the aim of assessing the efficiency of coating materials used for wood protection against water absorption. In this study, six different commercial coating products used for the treatment of spruce (Picea Abies L. Karst.) and pine (Pinus Sylvestris L.) samples were tested. The efficiency of different coating substances was assessed using two modified test methods according to the standards EN 382-2 (1994) and EN 927-5 (2006), determining the surface water absorption after immersion in water for 24 h and the dynamics of water absorption of the glued laminated timber for 696 h kept in water. As a result of the study, it has been ascertained that organic solvent-based commercial coating products are more efficient against short-term and long-term wood water absorption compared to oil-based coating materials.

In the market of the Latvia different wood surface coating materials suitable for use in outdoor conditions are offered, but available information on the efficiency of these against direct water exposure is insufficient. For structural timber building elements, such as glued laminated timber (GLT), the surface coating should be applied taking into account technological, visual or colour changes (ISO 7724:1984) and – last, but not least – economic aspects are considered. Wood surfaces coated with coating materials, such as varnishes, paints, etc. can stabilize some properties such as movement of moisture content, dimensional changes and attack by microorganisms and fungi. The changes in the moisture content of timber may influence such important parameters as mechanical properties and the total life time of the structural timber elements. A study has been conducted with the aim of assessing the efficiency of coating materials used for wood protection against water absorption. In this study, six different commercial coating products used for the treatment of spruce (Picea Abies L. Karst.) and pine (Pinus Sylvestris L.) samples were tested. The efficiency of different coating substances was assessed using two modified test methods according to the standards EN 382-2 (1994) and EN 927-5 (2006), determining the surface water absorption after immersion in water for 24 h and the dynamics of water absorption of the glued laminated timber for 696 h kept in water. As a result of the study, it has been ascertained that organic solvent-based commercial coating products are more efficient against short-term and long-term wood water absorption compared to oil-based coating materials.

The impacts of the COVID-19 pandemic on national economies are characterized as the worst economic turmoil in recent years, as economic growth slowed to the level of the 2008 global financial crisis. At the end of 2019 and the beginning of 2020, economic growth surveys did not project that the novel virus could have a negative impact on economic growth. As a result of the rapid spread of the virus and the increase in the number of infection cases, national governments took strict measures to limit the spread of the virus, which led to a significant deterioration in the economic situation in all industries of the economy. Agriculture plays an important role in providing food to the country’s population, yet the pandemic made a negative impact on sales volumes and prices in the domestic and international markets. The research aims to assess the impacts of the pandemic on milk supply chains in Latvia and come up with solutions to stabilizing the situation in the dairy sector. The national restrictions to combat the pandemic also hampered the dairy sector concerning the sale of raw milk and finished products in foreign markets, thereby leading to overproduction and stockpiling of the finished products, price dumping and a significant decrease in milk purchase prices to or below the production cost level for many dairy farms. Although there is no indication that the pandemic would lead to a decrease in the numbers of livestock and farms or output in early 2021, it is too early to assess the overall impact of the pandemic on dairy farming, as uncertainty over the duration of pandemic restrictions is a major risk to farm survival. The operation of the dairy sector was stabilized by means of the support provided by the government, as well as the farms’ accumulated financial and feed resources. In order to identify future challenges for milk supply chains, the research performed an analysis of operational risks for milk producers and processors to identify the most important risks and design recommendations for their elimination. The longer there is uncertainty about the return of the dairy sector to pre-pandemic output levels, the more likely it is that the pandemic is going to lead to a decrease in the numbers of dairy livestock and farms.

The impacts of the COVID-19 pandemic on national economies are characterized as the worst economic turmoil in recent years, as economic growth slowed to the level of the 2008 global financial crisis. At the end of 2019 and the beginning of 2020, economic growth surveys did not project that the novel virus could have a negative impact on economic growth. As a result of the rapid spread of the virus and the increase in the number of infection cases, national governments took strict measures to limit the spread of the virus, which led to a significant deterioration in the economic situation in all industries of the economy. Agriculture plays an important role in providing food to the country’s population, yet the pandemic made a negative impact on sales volumes and prices in the domestic and international markets. The research aims to assess the impacts of the pandemic on milk supply chains in Latvia and come up with solutions to stabilizing the situation in the dairy sector. The national restrictions to combat the pandemic also hampered the dairy sector concerning the sale of raw milk and finished products in foreign markets, thereby leading to overproduction and stockpiling of the finished products, price dumping and a significant decrease in milk purchase prices to or below the production cost level for many dairy farms. Although there is no indication that the pandemic would lead to a decrease in the numbers of livestock and farms or output in early 2021, it is too early to assess the overall impact of the pandemic on dairy farming, as uncertainty over the duration of pandemic restrictions is a major risk to farm survival. The operation of the dairy sector was stabilized by means of the support provided by the government, as well as the farms’ accumulated financial and feed resources. In order to identify future challenges for milk supply chains, the research performed an analysis of operational risks for milk producers and processors to identify the most important risks and design recommendations for their elimination. The longer there is uncertainty about the return of the dairy sector to pre-pandemic output levels, the more likely it is that the pandemic is going to lead to a decrease in the numbers of dairy livestock and farms.

Social enterprises have positive effect on sustainable development, and they have become an important instrument for solving social problems (especially in rural areas), as the national and local governments alone cannot solve all such problems. To foster the development of social entrepreneurship, Latvia has introduced several support instruments for social enterprises, which include tax relief, privileged procurement contracts, grants, as well as non-monetary kinds of support. However, social entrepreneurs often point out that support from the national and local governments is insufficient, while the support instruments stipulated in the Social Enterprise Law are not widely used. Therefore, the aim of the research is to analyse national and local government support instruments for social enterprises in Latvia. The research found that the most important financial instrument fostering the development of social entrepreneurship in Latvia is a grant scheme administered by the Ministry of Welfare and the JSC Development Finance Institution Altum, which is available in the range of EUR 5000 to 200000 for investment and working capital. In the period 2017-2020, 94 social entrepreneurship projects with a total budget of EUR 6 million were supported, which could be viewed as significant financial support. In contrast, immovable property tax relief, exemption from enterprise income tax (on profits) and relief from this tax for several categories of non-business expenses are considered by social entrepreneurs to be an insignificant kind of support. There is also lack of experience and practice regarding the inclusion of social criteria in public procurement in Latvia.

Social enterprises have positive effect on sustainable development, and they have become an important instrument for solving social problems (especially in rural areas), as the national and local governments alone cannot solve all such problems. To foster the development of social entrepreneurship, Latvia has introduced several support instruments for social enterprises, which include tax relief, privileged procurement contracts, grants, as well as non-monetary kinds of support. However, social entrepreneurs often point out that support from the national and local governments is insufficient, while the support instruments stipulated in the Social Enterprise Law are not widely used. Therefore, the aim of the research is to analyse national and local government support instruments for social enterprises in Latvia. The research found that the most important financial instrument fostering the development of social entrepreneurship in Latvia is a grant scheme administered by the Ministry of Welfare and the JSC Development Finance Institution Altum, which is available in the range of EUR 5000 to 200 000 for investment and working capital. In the period 2017‒2020, 94 social entrepreneurship projects with a total budget of EUR 6 million were supported, which could be viewed as significant financial support. In contrast, immovable property tax relief, exemption from enterprise income tax (on profits) and relief from this tax for several categories of non-business expenses are considered by social entrepreneurs to be an insignificant kind of support. There is also lack of experience and practice regarding the inclusion of social criteria in public procurement in Latvia.

Information and communication technologies are part of almost any branch of human lives. During the last decade also beekeeping joined the direction of application of IT tools and solutions and precision beekeeping was defined. Still in the beekeeping many operations and observations are completed manually, and there is a potential to switch to the digital realisation. Information technologies can be used in the beekeeping to partly support the beekeepers by implementation of automatic or semi-automatic solutions for bee colony remote monitoring, apiary record making and other actions. The aim of this paper is to make a summary of the usage of information technology tools by the beekeepers in Latvia, summarizing precision beekeeping development status and conclude about its future development potential. To achieve this aim, in cooperation with Latvian Beekeepers Association, a beekeepers survey was conducted. More than 200 beekeepers shared thoughts and opinions about their application of information and communication technologies for monitoring the bee colonies and apiary management. The summary of the survey conducted is described in this study.

Information and communication technologies are part of almost any branch of human lives. During the last decade also beekeeping joined the direction of application of IT tools and solutions and precision beekeeping was defined. Still in the beekeeping many operations and observations are completed manually, and there is a potential to switch to the digital realisation. Information technologies can be used in the beekeeping to partly support the beekeepers by implementation of automatic or semi-automatic solutions for bee colony remote monitoring, apiary record making and other actions. The aim of this paper is to make a summary of the usage of information technology tools by the beekeepers in Latvia, summarizing precision beekeeping development status and conclude about its future development potential. To achieve this aim, in cooperation with Latvian Beekeepers Association, a beekeepers survey was conducted. More than 200 beekeepers shared thoughts and opinions about their application of information and communication technologies for monitoring the bee colonies and apiary management. The summary of the survey conducted is described in this study.

It is stated that the strategic benchmark for transformational changes in the economy is currently low-carbon production, the achievement of which is possible to provide with the consistent application of an arsenal of strict control measures, in particular, the introduction of state audit of low-carbon production. The effectiveness of the mechanism for ensuring the implementation of the UN Framework Convention on Climate Change has been assessed. The necessity of implementation in the domestic practice of the state audit of low-carbon production by the decoupling approach is proved. The agri-business portfolio has been formed according to the decoupling approach as one of the leaders in greenhouse gas pollution. The author's economic and mathematical models of estimation according to the decoupling approach of the impact of branches of crop and livestock production on environmental pollution are proposed. The dependence of greenhouse gas emissions on the volume of gross output of agricultural production, capital investment and current expenditures on environmental protection has been established. The results of a comparative analysis of the realism of forecasts of changes in greenhouse gas emissions according to the methodology of the National Academy of Sciences of Ukraine and the author's methodology are highlighted. A roadmap for the introduction of a state low-carbon decoupling audit of the state decoupling audit has been proposed as part of the preparation of the second nationally determined contribution to the Paris Agreement. The expediency of supplementing GRI 300 “Environmental Disclosures” with the group of indicators GRI-305.5 “Reduction of GHG emissions”, formed by the decoupling approach, is substantiated.

It is stated that the strategic benchmark for transformational changes in the economy is currently low-carbon production, the achievement of which is possible to provide with the consistent application of an arsenal of strict control measures, in particular, the introduction of state audit of low-carbon production. The effectiveness of the mechanism for ensuring the implementation of the UN Framework Convention on Climate Change has been assessed. The necessity of implementation in the domestic practice of the state audit of low-carbon production by the decoupling approach is proved. The agri-business portfolio has been formed according to the decoupling approach as one of the leaders in greenhouse gas pollution. The author's economic and mathematical models of estimation according to the decoupling approach of the impact of branches of crop and livestock production on environmental pollution are proposed. The dependence of greenhouse gas emissions on the volume of gross output of agricultural production, capital investment and current expenditures on environmental protection has been established. The results of a comparative analysis of the realism of forecasts of changes in greenhouse gas emissions according to the methodology of the National Academy of Sciences of Ukraine and the author's methodology are highlighted. A roadmap for the introduction of a state low-carbon decoupling audit of the state decoupling audit has been proposed as part of the preparation of the second nationally determined contribution to the Paris Agreement. The expediency of supplementing GRI 300 “Environmental Disclosures” with the group of indicators GRI-305.5 “Reduction of GHG emissions”, formed by the decoupling approach, is substantiated.

Fermentation is one of the ancient technological processes used in food production which influences the shelf-life of meat and meat products, also significantly affects the sensory properties like aroma and flavour. The objective of the present study was to evaluate the elaborated technology for a new fermented sausage production on the product quality and sensory properties. Sausages were produced by the standard technology using glucono-delta-lactone or starter culture. The drying of samples differs from 3 to 4 weeks at the same conditions; samples were dried for 4 weeks which produced with the starter culture, and 3 weeks which produced with glucono-delta-lactone. The sausages were tested at the end of the production, analysing pH, water activity, moisture and salt content, as well as the presence of Listeria monocytogenes, colony forming units of Listeria monocytogenes and Enterobacteriaceae in the sausage samples were analysed. The sensory evaluation was organised after getting Listeria monocytogenes testing results. The moisture content, water activity and salt content significantly differed (p is less than 0.05) among samples, no differences were established in pH, taste and flavour liking. The presence of Listeria monocytogenes was not established in samples which indicates that the producer properly applies a hurdle technology in fermented sausage production. Sensory evaluation results showed higher scores for texture and appearance in fermented sausages with glucono-delta-lactone. The study results confirmed that fermented sausages with glucono-delta-lactone during 3 weeks of drying can achieve corresponding safety criteria and sensory properties which are set for semidry fermented sausages.

Fermentation is one of the ancient technological processes used in food production which influences the shelf-life of meat and meat products, also significantly affects the sensory properties like aroma and flavour. The objective of the present study was to evaluate the elaborated technology for a new fermented sausage production on the product quality and sensory properties. Sausages were produced by the standard technology using glucono-delta-lactone or starter culture. The drying of samples differs from 3 to 4 weeks at the same conditions; samples were dried for 4 weeks which produced with the starter culture, and 3 weeks which produced with glucono-delta-lactone. The sausages were tested at the end of the production, analysing pH, water activity, moisture and salt content, as well as the presence of Listeria monocytogenes, colony forming units of Listeria monocytogenes and Enterobacteriaceae in the sausage samples were analysed. The sensory evaluation was organised after getting Listeria monocytogenes testing results. The moisture content, water activity and salt content significantly differed (p < 0.05) among samples, no differences were established in pH, taste and flavour liking. The presence of Listeria monocytogenes was not established in samples which indicates that the producer properly applies a hurdle technology in fermented sausage production. Sensory evaluation results showed higher scores for texture and appearance in fermented sausages with glucono-delta-lactone. The study results confirmed that fermented sausages with glucono-delta-lactone during 3 weeks of drying can achieve corresponding safety criteria and sensory properties which are set for semidry fermented sausages.