A value-oriented approach to assessing regional economic development projects

Abstract

Research is aimed at the improvement of methods and tools to assess the portfolio of regional economic development projects basing on the application of the system theory, algorithmic modelling, methods of expert evaluation, decomposition and synthesis. A methodical approach is proposed to establish the cause-and-effect relationships between strategic and operational goals, their Received: October, 2019 1st Revision: October, 2020 Accepted: December, 2020 Journal of International Studies S ci en ti fi c P a pe rs © Foundation of International Studies, 2020 © CSR, 2020 Journal of International Studies Vol.13, No.4, 2020 156 results and indicators, underlying the determination of the value of regional economic development projects. The authors’ approach allows to identify shortcomings in the structure of regional economic development projects in order to develop the regional policy. Besides, it made it possible to identify indicators, achievement of which would create the greatest value for achieving the strategy goals – those with higher strategic importance, assessed by integral indicator developed by the authors. This approach can be further used to evaluate regional economic development strategies at the levels of the united territorial communities, cities and regions. The results of assessing the strategic importance of the components of regional (local) economic development strategies should be used by policy makers as methodological approach to improve the economic project portfolio basing on value models of project management.