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Performance Budget Planning: The Case of a Research University
Marek J Druzdzel1, Jayant R Kalagnanam2
1Decision Systems Laboratory, School of Computing and Information, University of Pittsburgh, Pittsburgh, PA 15260, USA, Faculty of Computer Science, Bialystok University of Technology, Wiejska 45A, 15-351 Bialystok, Poland.
Computational Economics
|December 14, 2020
Summary
This study introduces a financial planning model for universities using 88 variables and 38 equations. The model enhances understanding of university finances and aids in policy analysis and decision-making.
Area of Science:
- Higher Education Administration
- Financial Modeling
- Operations Research
Background:
- Research universities face complex financial structures.
- Effective financial planning is crucial for academic and research operations.
- Existing models may not fully capture the intricate interactions within university finances.
Purpose of the Study:
- To develop and present a comprehensive performance budget planning model for a research university.
- To demonstrate the model's utility in providing insights into the university's financial architecture.
- To illustrate how the model supports policy analysis and strategic decision-making.
Main Methods:
- Development of a model incorporating 88 key variables and 38 non-linear structural equations.
- Equations based on financial working knowledge and theoretical considerations of research universities.
- Relating expenditures and revenues to teaching and research operations.
- Computer implementation of the model for practical application.
Main Results:
- The model provides deep insight into the university's financial structure.
- It facilitates comparison of policy alternatives' effects on university performance.
- Enables comparative statics analysis and aids in selecting policy variables and alternatives.
- Offers clarity on causal chains between policy and outcome variables.
Conclusions:
- The developed performance budget planning model is a valuable tool for research universities.
- It enhances the understanding of complex financial interdependencies.
- The model supports informed policy formulation and strategic financial management.
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