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.

Keywords

multi-criteria valuation, regions, regional development, indicators, assessment, Lithuania

Author Biography

Romualdas Ginevičius

Professor, habilitated doctor and the head of the Department of Enterprise Economics and Management, Vilnius Gediminas Technical University VGTU (Lithuania), construction engineer and economist.

The author of more than 350 research papers and over 20 scientific books; Editor-in-Chief of the Journal of Business Economics and Management (located in ISI Thomson Reuters database „Web of Science“) and the journal Business: Theory and Practice (indexed in SCOPUS). His research interests include organization theory, complex, quantitative evaluation of social processes and phenomena.

Dainora Gedvilaitė

Lecturer at the Department of Enterprise Economics and Management, Vilnius Gediminas Technical University VGTU (Lithuania). Master of Business, specialization - Investment Management, VGTU (2013).

Her research interests include sustainable development, regional development sustainability.

Šarūnas Bruzgė

Professor, PhD (Techn.) and the head of the Department of Work Environment and Safety, Faculty of Economics, Tallinn University of Technology TTU (Estonia).

The Head of the Laboratory of Ergonomics in the Institute of Business Administration TTU. Associate professor at the Department of Enterprise Economics and Management VGTU (Lithuania). So far he has had 3 defended doctoral students in the field of occupational safety and health OHS (2009-2014). Over 200 scientific papers, 10 books. Advanced training in the Nordic Institute of Occupational Health. The author of more than 10 research papers. Šarūnas Bruzgė has 12 years of experience in the field of European Union (EU) investment projects. As an expert he is constantly working with public institutions responsible for administration of EU support, participates in the preparation and evaluation of projects, financed with the EU funds. He is a financial economist. His main interests include environmental, work and emergency risk assessment methods, cost-effective analysis of safety measures, health disturbances of office and industrial workers, preventive measures.

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