Romualdas Ginevičius

Bialystok University of Technology,

Białystok, Poland

E-mail: romualdas.ginevicius@vgtu.lt

ORCID 0000-0003-2067-4398

Multi-criteria assessment of socioeconomic systems’ conditions based on hierarchically structured indicator systems

Abstract. The adequacy of multi-criteria assessment largely depends on how comprehensively an indicator system reflects a phenomenon under consideration. If the number of indicators is large, experts cannot adequately evaluate the indicator weights. As a result, the scope of calculations increases significantly, but the accuracy drops. This problem can be solved by forming a hierarchically structured indicator system. Multi-criteria assessment of such systems is started from the lowest hierarchical level where the values of the related indicator groups are estimated, and then they turn into the indices of a higher hierarchical level. Same procedure is repeated until a value representing the condition of a phenomenon under consideration is obtained.

Received: January, 2020

1st Revision: May, 2020

Accepted: December, 2020

DOI: 10.14254/2071-789X.2020/13-4/16

JEL Classification: C61, O12, O21

Keywords: multi-criteria assessment methods, hierarchically structured indicator systems