Selection of indicators for regional economics evaluation

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JEL classification

• Survey Methods; Sampling Methods
• Regional Development Planning and Policy

Keywords

cluster analysis, correlation analysis, expert, indicator, region

Abstract

Regions in the Czech Republic, the same as in most European countries, are for purpose of grant policy characterized by defined indicators. Information level of indicators is different and selection of the most important indicators is based on experts compromise and utilization of many analytics steps. The aim of this paper is to purpose acceptable methodological tool for selection of important indicators of regional development. In this subjective and also objective methods for variables selection paper were applied. Moreover, a three-phase selection procedure based on combination of subjective and objective approaches was realized. Methodological frame of application is verified on economic indicators of Czech regions including years 2003–2007.