Published Online: Jun 29, 2018
Page range: 53 - 61
Received: Apr 08, 2018
Accepted: Jun 14, 2018
DOI: https://doi.org/10.2478/crebss-2018-0005
Keywords
© 2018 Željko V. Račić, published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.
The paper presents the process of ranking and classifying countries using the I-distance method. The I-distance method is a method of classification and multidimensional ranking based on the distance values between selected indicators. The selection of indicators was carried out using the principal components analysis, whereby the statistical software SPSS (Statistical Package for Social Sciences), the latest version 21th PASW Statistics, is used. The application of the I-distance determines the relative efficiency indicators. Classification and ranking are conducted based on the economic development using macroeconomic indicators for the selected European countries.