Subject The article describes the process of functioning of the cluster and assesses its effectiveness as a relevant tool for industry and regional development. Objectives The paper aims to estimate the dynamics of economic development, as well as develop certain recommendations to improve the process of monitoring the performance of regional economic clusters. Methods A systems approach and expert analysis are a methodological framework of the study. In addition, I used mapping approaches to the management of clusters to identify the most preferred options. Results Based on the articulated cluster model, as well as a system of indicators of the effectiveness, I propose an indicative list of indicators for evaluating the performance of regional clusters. As well, I propose an indicative methodology for monitoring the functioning of the regional economic cluster. Conclusions and Relevance The existing system for monitoring the performance of regional economic clusters is flawed, it is necessary to substantiate a system of internal and external audits aimed at setting the parameters of the efficiency and effectiveness of the cluster. The study identified provisions that can be applied to assess the efficiency and effectiveness of regional clusters. In addition, the listed in the article provisions can be applied to analyze the individual stages of implementation of road maps, implementation of major infrastructure projects and targeted programs.
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