Volume 4 Number 1 2023
Optimizing Risk Assessment Frameworks to Support Sustainable Economic Development in the United States
Mitu Akter1*, Md. Rezaul Haque2
Journal of Primeasia 4 (1) 1-8 https://doi.org/10.25163/primeasia.4110433
Submitted: 30 May 2023 Revised: 11 August 2023 Accepted: 14 August 2023 Published: 16 August 2023
Abstract
Background: Risk Assessment Driven Evaluation system optimization forms one of the baseline pillars for the economic sustainable development of the entire US. Traditional risk assessment models do not assess all risk factors due to the exclusion of the economic, environmental, and governance factors that eventually drive long-term stability.
Methods: The research involved 275 respondents from various economic sectors across the US and composed of financial analysts and regional planners and policymakers. The primary data collection approach for the study was instrumented questionnaires, and regional performance indicators were quantified using validated secondary data sets. The main risk factors and the economic development indicators were assessed for relationships using the Pearson correlation. The predictive capacity of the optimized model to standard predictive models was determined using multiple regression analysis.
Results: The results of the Pearson correlation analysis showed a positive association between governance efficiency and investment inflow (r = 0.78, p = 0.018) but economic risk showed a strong negative relationship with GDP growth (r = –0.71, p = 0.032). The new model delivers 87% prediction accuracy which surpasses traditional models by 15% (72%) to demonstrate its higher reliability. The study results demonstrated that sustainable economic performance depends primarily on two factors which are governance transparency and environmental stability.
Conclusion: The study shows that risk assessment systems which combine adaptive and integrated methods with quantitative validation and statistical evidence produce better results for strategic planning and decision-making.
Keywords: Risk assessment, sustainable development, economic growth, correlation analysis, governance efficiency
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