Article,
Household risk management strategies in the semi-urban and rural area: A literature review
Australian Journal of Basic and Applied Sciences, 8 (16): 38 To 44 (2014)
Abstract
It is a truism that every household in developing countries are vulnerable to different types of risks. Therefore, risk management is crucial, for sustaining and repelling the detriments of risks. For instance, Ex-ante strategy mitigates the detriment of risk and hinders the occurrence of risk, while Ex-post strategy is employed aftermath of risk occurrence to resolve the consequence of risk effect. Objective: this paper conceptually reviews the relevant issues on household risk management. It also presents a meta-analytic review of possible strategies of risk management employable in both pre and post risk occurrence in the households of developing countries. Results: This paper concludes that different strategies are employed by households to resolve different risk events. Misemployment of a particular strategy to manage an inappropriate risk will result in the ineffectiveness of the strategy. Conclusion: This paper encapsulates recommendations, implications and suggestions for policy makers and governmental agents in grasping the different risk management strategies for household management with negative risk in developing countries.
