Strategic planning of regional sustainable development using factor analysis method

Abstract

Sustainable development of a regional and local community involves setting a strategic balance among economic, social, and environmental criteria (factors) of development. Due to their large number, physical quantity variance, and incompleteness, these factors have a limited, sometimes even conflicting and ineffectual application in producing a unified effect on development. This issue becomes resolvable through a modification of factor analysis by means of combining it with multi-criteria decision analysis (MCDA). The solutions thus obtained in the form of a ranking, with the top-ranked solution being the most favorable, constitute immense support for decision makers to use the proposed most favorable solution to formulate and implement their plan of development.