Innovative models for assessing the effectiveness of economic development projects in the context of digital transformation

Abstract

The article examines innovative approaches to evaluating the effectiveness of economic development projects in the context of intensive digital transformation of economic systems. The relevance of the study stems from the growing need to modernise traditional assessment methods, which mainly rely on financial indicators and fail to account for digital maturity, innovativeness, social inclusion, and environmental impacts. The aim of the research is to develop a comprehensive integrated model capable of assessing the performance of digital, innovative, infrastructure, and hybrid development projects. The methodology combines data standardisation, multi-criteria decision-making methods (AHP, TOPSIS), composite indexing, clustering, and regression modelling.

Applying the model to a sample of 50 projects enabled the identification of three categories of successful initiatives: digitally oriented platforms, innovative R&D projects, and integrated smart-city/green-digital solutions. A comparison of traditional and innovative approaches demonstrated that the integrated effectiveness index provides a significantly more accurate representation of project outcomes, especially for those generating substantial intangible benefits. Regression analysis confirmed the leading role of digital maturity and innovativeness as key determinants of project performance, alongside the important contribution of social inclusion and environmental sustainability.

The practical value of the study lies in the applicability of the proposed model for government bodies, investors, and donors to make evidence-based decisions regarding project prioritisation and funding. The model is scalable, adaptable, and suitable for integration into territorial and sectoral development planning systems, making it highly relevant for countries with transforming economies, including Ukraine.