Assessment of a country’s regional economic development on the basis of Estimation of a Single Process (ESP) method

Abstract

The objective of this article is to demonstrate an option of quantitative assessment of the status of an isolated complex target object. Review of scientific literature, an analysis of statistical data and methods applied in the theory of multiple criteria have been used for the purpose of this research. The calculations have revealed that the proposed methodology is suitable for addressing real tasks. This methodology allowed the identification of unused potential of economic development in each region. The proposed methodology can be applied to determine the current situation of regional economic development of a country. This could help plan the investment for country regional development. Up to now the goal of multi-criteria valuation was to determine the priority of analysed variants. In order to determine the economic development of separate regions during the period in question, a different method of normalisation of values was employed than the one normally used in multi-criteria valuations. The originality of this work lies in the assessment of the status of an isolated process at a given moment of time.