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

Abstract

Objective: The objective of this article is to demonstrate an option of quantitative assessment of the status of an isolated complex target object. Research Design & Methods: 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. Findings: 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. Implications & Recommendations: 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. Contribution & Value Added: 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.