The Foresight Methodology in Strategic Planning at Regional Level

Abstract

Purpose: The article aims to use foresight as one of the most effective tools for long-term forecasting of regions and industries development, and the formation of "future maps" with the subsequent development of scenarios of strategic development of the region. Design/Methodology/Approach: The use of foresight in Europe and the USA, as well as the prospects for its use in Russia for the purpose of regional strategic planning is to identify those factors that influate the economic development at the regional level, to reflect the main advantages and disadvantages of foresight methodology and to formulate recommendations on the implementation of foresight methodology in the region. Findings: A structural-logical scheme for foresight research at regional and sectoral levels has been formed, which will provide an opportunity to improve the methods and technologies of strategic development in an unstable economy as in the example of Russian regions. A scheme of the foresight study was proposed by the authors to attract investors to the regional development projects. In authors' opinion the influence of sectoral and regional perspectives and the innovative activity of companies in various industries will help to create reserves and a base to ensure the economic sustainability of the analyzed regions. Practical Implications: The results may be implemented into managerial practices in order to improve and increase the effectiveness of regional strategic planning. Originality/Value: The main contribution of this study is in the shift of emphasis on conceptualizing and incorporating the foresight methodology to the theory of strategic planning at regional level.