Analysing and Managing Local Economic Development Risk: A Comparison of Two Australian Regions
Abstract:Improving the management of risk in local economies is important in ensuring the sustainability of economic development. As regional economies become more integrated into the global economy, their exposure to risks increases and the management of these can become more difficult. Societies face increasingly exacting choices about which risks to manage, how to measure the level of risks, who determines acceptable levels of risk exposure to communities and the most appropriate strategies to manage risk. These are demanding questions to answer as risks, by their very nature, are difficult to predict or fully understand. This paper elucidates the application of a risk evaluation technique, multi-sector risk analysis or MSRA, to measure and analyse risks, which have the potential to impact on sectors of local and regional economies. The technique enables local governments and communities to assess the perceived impact and likelihood of risks facing an economy and to decide which risks need to be managed. Two case studies of risk analysis for the Cairns and Australian Capital Territory (ACT) regional economies are presented using MSRA. The results show how these mainly urban regions have very different regional economic risk profiles and exposure to endogenous and exogenous risk. A framework for developing sector industry risk management strategies and plans is then presented, developed from the ACT case study.
Document Type: Research Article
Publication date: 2006-12-29
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