Ruslan Kostiukevych

Department of Management, 

National University of Water and Environmental Engineering, 

Ukraine

r.m.kostiukevich@nuwm.edu.ua

ORCID 0000-0002-6691-2905

A value-oriented approach to assessing regional economic development projects

Leonid Melnyk

Finance and Environmental Economics Department, 

National University of Water and Environmental Engineering, 

Ukraine

l.v.melnyk@nuwm.edu.ua

ORCID 0000-0003-3628-9160

Tomáš Krulický

Institute of Technology and Business in Ceske Budejovice,

School of Expertness and Valuation, 

Ceske Budejovice, Czech Republic

krulicky@mail.vstecb.cz

ORCID 0000-0002-0378-2699

Alina Kostiukevych

Department of Labour and Entrepreneurship, 

National University of Water and Environmental Engineering, 

Ukraine

a.m.kostiukevich@nuwm.edu.ua

ORCID 0000-0002-9930-9731

Larysa Melnyk

Finance and Environmental Economics Department, National University of Water and Environmental Engineering, 

Ukraine

l.m.melnyk@nuwm.edu.ua

ORCID 0000-0003-1731-1860

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 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.

Received: October, 2019

1st Revision: October, 2020

Accepted: December, 2020

DOI: 10.14254/2071-8330.2020/13-4/11

JEL Classification: O22, R58

Keywords: project management, regional economic development, strategy, value-oriented approach